Specifically Apply for Low Limit Card

[Anonymous]

My credit score is high 700s. I need a credit card with a low spending limit in my name, preferably $250. How do I accomplish this?

I'm asking because I'm under the impression most credit card companies approve you for the maximum risk they're willing to accept. I've never had a lower limit card and don't know how to make it happen. Is a secured card the way to go?

I appreciate any guidance.

[Anonymous]

Not sure why you would want a low limit card.  Do I assume you have no credit cards at all?

[Jnbmom]

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@Anonymous wrote:

My credit score is high 700s. I need a credit card with a low spending limit in my name, preferably $250. How do I accomplish this?

I'm asking because I'm under the impression most credit card companies approve you for the maximum risk they're willing to accept. I've never had a lower limit card and don't know how to make it happen. Is a secured card the way to go?

I appreciate any guidance.

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???

[Anonymous]

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@AnonymousMy credit score is high 700s. I need a credit card with a low spending limit in my name, preferably $250. How do I accomplish this?

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Simply apply for whatever card you want, then call and request a CLD (credit line decrease) to the lowest amount they'll allow you to go to if that's what you want to do.

Like the others, I'm curious as to why you want an ultra low limit card.  I wanted one once, but the only reason was for FICO score testing purposes with respect to different utilization points.

[CH-7-Mission-Accomplished]

I would not just open a card for whatever a lender will give me and ask for a credit limit decrease.   It can be seen as a negative by somebody reviewing your reports since it will show the current limit and then that it was much higher.   I would just contact (any) credit union and tell them you want a $250 limit card.   That might be too low for some of them to bother with.

I could imagine wanting a low limit card if you you wanted to add an authorized user (like a college age kid) or if you want a card to use on the Internet where somebody couldn't charge $10K and then you have to dispute it and fight to prove it's not yours.

[Anonymous]

US Bank 😀. Notorious for $500 cards.

[Anonymous]

Citi DC my SL was $500 you might get lucky.

[Anonymous]

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@CH-7-Mission-Accomplished

I would not just open a card for whatever a lender will give me and ask for a credit limit decrease.   It can be seen as a negative by somebody reviewing your reports since it will show the current limit and then that it was much higher.  

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I don't think that's the case.  If the OP were to get approved for a card for a higher limit, if he were to immediately call the creditor and state that he was just approved for X limit but only needs to card with Y limit (whatever the lowest is they'll go) they would make the adjustment to the account immediately, long before it reports the first time to the bureaus.  When the account shows up it will have the low limit from the very first reporting, so no one would else outside from the OC would ever know that the account had a manual CLD request.

Until the OP stops back in to shed some light as to why he's seeking a low-limit CC we can't offer up any further solid recommendations really.

[Anonymous]

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@CH-7-Mission-Accomplished wrote:

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I could imagine wanting a low limit card if you wanted ...a card to use on the Internet where somebody couldn't charge $10K and then you have to dispute it and fight to prove it's not yours.

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This is close to the correct answer. I have to do business with a vendor that maintains a monopoly as well as a reputation for overcharging customers. I need to minimize my risk of egregious unapproved charges. Disputing them is a hassle, stressful, lenghty process and not how I chose to spend my time. I absolutely can not risk handing this vendor a high limit card. Yet, I have no other option and can not simply "take my business elsewhere".

I want a credit card with a low limit where any outrageous charges will be declined immeadiately. Thanks so much for the considered responses thus far.

[Anonymous]

Why not just open a secured card? Where you set the limit based on your deposit. You’d have to tie up $250 of your own money, but it seems your main concern is the hassle and time involved, so that may be ok.

Another option would be a reloadable Visa card. Not sure if that could be used for what you need.